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Syngene International Ltd.’s revenues grew 8% YoY to Rs 644 crore driven by continued momentum in dedicated and discovery services and incremental contribution from development and manufacturing services.
Ebitda margins declined 94 basis points YoY to 26.8% mainly due to higher other expenditure being partly offset by higher gross margins (up 772 bps YoY to 75%). Ebitda grew 5% YoY to Rs 173 crore.
Net profit declined 4% YoY to Rs 74 crore. Delta vis-a-vis Ebitda is mainly due to higher depreciation, tax and interest expenses.
Syngene’s Q1 FY23 revenues growth was on a high base due to sales of Remdesivir in Q1 FY22. Excluding the one-off sales, top-line grew ~ 30% YoY.
Management has raised the FY23 revenue guidance from mid-teen to high-teen due to rupee depreciation vis-a-vis U.S. dollar and the recent agreement with Zoetis.
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